Press release
Unemployment Insurance Market Poised for 7.1 % Growth, Set to Hit $415.75 Billion by 2029
Unemployment Insurance Market Size
The market of unemployment insurance has witnessed significant expansion in the past few years. The prediction suggests that it will rise from $98.38 billion in 2024 to $105.71 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.5%. The historic growth can be accredited to a surge in inflation rates, a rise in the cost of living, an escalated number of bankruptcies, an increase in job outsourcing overseas, and mounting economic recessions.
Anticipated robust expansion is on the horizon for the unemployment insurance market in the upcoming years, with a projected growth to $138.97 billion by 2029, boasting a compound annual growth rate (CAGR) of 7.1%. The predicted growth during the forecast period can be ascribed to enhanced workforce automation, the growing popularity of remote work, globalization on the rise, increased smart city infrastructure investment, along with heightening cyber threats. Key trends forecasted for this period are advancements in technology, the implementation of artificial intelligence and blockchain technology, augmented reality, and the increased incorporation of the Internet of Things.
What Are the Key Drivers Behind the Growth of the Unemployment Insurance Market?
The escalating uncertainty of job security is anticipated to catalyze the expansion of the unemployment insurance market in the future. This insecurity around jobs implies the apprehension or doubtfulness of a person towards potentially losing their job or encountering a depreciated employment status, typified by decreased working hours or reduced wages. This surge in job insecurity could be linked to economic instability, contractual and gig-based work, organizational reconfiguration, sector-specific issues, and changes in the workplace. Unemployment insurance (UI) serves as a buffer against the repercussions of job insecurity, offering financial aid and consistency to those who end up jobless or confront a reduction in working hours. For instance, Lancaster University, a publicly-funded university in the UK, reported in February 2024 that the UK's employment insecurity index surged by 500,000 people in 2022 and by another 600,000 people in 2023. Therefore, the growth of the unemployment insurance market is being propelled by the mounting insecurity surrounding jobs.
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Who Are the Major Industry Players Fueling Unemployment Insurance Market Expansion?
Major companies operating in the unemployment insurance market are Cigna Corporation, Allianz SE, State Farm Mutual Automobile Insurance Company, The Allstate Corporation, Banco Bilbao Vizcaya Argentaria S.A., Achmea B.V., Banco Bradesco S.A., CNP Assurances S.A., Assurant Inc., Cook County Government, Great American Insurance Group, Hiscox Ltd., American Association of Retired Persons, Anadolu Hayat Emeklilik A.S., BNP Paribas Cardif, Allied Solutions LLC, G&A Partners, Paisabazaar.com, Garanti BBVA Emeklilik ve Hayat A.S., AlfaStrakhovanie, Axcet HR Solutions, Aegon Asset Management, Flex HR LLC, LifeQuote Inc., Personnel Planners
Which Key Developments Are Influencing the Unemployment Insurance Market?
Leading enterprises in the unemployment insurance market are concentrating on the creation of progressive digital tools, like online insurance platforms, with the aim of simplifying the application process and increasing its accessibility. Online insurance platforms are digital mediums where users have the ability to purchase, track, and manage their insurance policies online. For instance, the Oregon Employment Department (OED), a US governmental agency, inaugurated Frances Online in March 2024, a new system for managing unemployment insurance benefits. This innovative digital platform facilitates the application for unemployment insurance and Paid Leave Oregon. It provides a platform for employees and claimants to submit applications for benefits, upload necessary documentation, and oversee their claims online. The launch of Frances Online signifies a considerable development in the handling of unemployment and paid leave claims in Oregon, reflecting a broader shift towards digital solutions in public services.
How Is the Segmentation of the Unemployment Insurance Market Defined?
The unemployment insurancemarket covered in this report is segmented -
1) By Type: Structural Unemployment, Cyclical Unemployment, Frictional Unemployment, Other Types
2) By Insurance Type: Involuntary Unemployment Insurance, Mortgage Unemployment Insurance
3) By Distribution Channel: Agents Or Brokers, Direct Response
Subsegments:
1) By Structural Unemployment: Skill-Based Unemployment, Geographic Unemployment, Industry-Specific Unemployment, Long-Term Unemployment
2) By Cyclical Unemployment: Recession-Induced Unemployment, Seasonal Cyclical Unemployment, Expansion Or Recovery Unemployment
3) By Frictional Unemployment: Job Transition Unemployment, First-Time Job Seekers, Re-entrants to the Workforce, Short-Term Unemployment
4) By Other Types of Unemployment: Voluntary Unemployment, Seasonal Unemployment, Technological Unemployment, Hidden Unemployment, Underemployment
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What Is the Leading Region in the Unemployment Insurance Market?
North America was the largest region in the unemployment insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the unemployment insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Unemployment Insurance Global Market Report?
- Market Size Analysis: Analyze the Unemployment Insurance Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Unemployment Insurance Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Unemployment Insurance Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Unemployment Insurance Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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